Section 48
Right Or Liability To Devolve Upon Merger Of Legal Person
(1) If a
legal person is, for any reason, merged with another legal person,
the right or liability of such person shall be as specified at the time
of such merger.
(2) If not specified pursuant to sub-section (1), the right or
liability of the legal person to be merged shall devolve on the legal
person with which such a person is merged.